The Ways in Which Millennials Are Shaping the Business World


Business / Thursday, November 14th, 2019

Many people, in particular, the older generation, have a negative view of millennials. Many believe that millennials are entitled, lazy, spoiled, and egotistical people who don’t contribute to society or the world of business.

Royalty Free Photo

However, this isn’t always the case and views are slowly beginning to change. Millennials have started shaping the business world in a number of different ways as consumers, employees, and owners.  Below are some of the different ways millennials are changing business and how you can take advantage of these.

Millennials Work Different

Lots of millennials are choosing to move away from the usual 9-5 day business structure and instead, they’re choosing to have a more flexible time schedule. 34% of the American workforce or 53 million Americans now choose to be self-employed.

Millennials also look for a job that gives them fulfillment rather than them seeing their job as a way to put food on the table for their families. If the job they are in doesn’t fulfill them, they tend not to stay there for very long. Chad Brownstein and the LA Conservation Corps have helped many young millennials get into work by providing them with the training and experience they need. They place an emphasis on conservation, which is highly attractive to this age group.

It is important to millennials that they are happy in their professional and personal lives. This is why many are choosing to find a freelance job instead of an office role. This is having a huge impact on the economy and labor around the world.

Millennials Think Differently

When millennials interact they think about the question ‘why’. They’re not concerned with traditional opinions and they love nothing more than challenging other people’s views and looking for alternative ways forward.

This way of thinking has caused advances such as Uber, Airbnb, and more. Millennials are great at thinking in advance and working out any potential problems and how they will overcome them.

Millennials Consume Differently

Finally, millennials are becoming more powerful when it comes to being a consumer. They currently have the highest spending power of all age groups. Millennials were brought up in an environment that is always connected and online and they are used to being part of a global community. This idea of being connected has altered their spending habits.

Millennials are far more likely to spend money and shop online, but they are also dependent on what other people think of them in the form of reviews. This has led to businesses making sure that the products they are selling are reviewed in a positive light. Products that have good reviews are more likely to be purchased by millennials.

Millennials have also changed business by having higher standards for ecologically-centric or organic products. Millennials around the globe are becoming more similar in their tastes. This means that businesses no longer have to alter their service or product in order to attract millennials.

It’s important to remember that one day, millennials will be running the world. With their strong beliefs, culture and high standards, they are going to alter the course of the business world in a range of different ways.

 

Leave a Reply

Your email address will not be published. Required fields are marked *